Core Viewpoint - The Hong Kong stock market is experiencing a strong recovery, driven by a surge in IPO activities and international investment interest, with significant contributions from Chinese securities firms [1][4][11]. Group 1: Market Performance - As of August 2025, the total financing amount for new stock issuances reached HKD 134.5 billion, a nearly sixfold increase compared to the same period in 2024, significantly outpacing global IPO financing growth [1]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [4]. - The IPO fundraising amount in the first half of 2025 was HKD 109.4 billion, a staggering 716% increase year-on-year, making it the leading capital market globally [4]. Group 2: Performance of Chinese Securities Firms - The international business revenue of 15 A-share listed securities firms reached CNY 20.12 billion in the first half of 2025, a year-on-year increase of 3.35% [7]. - Among these firms, CITIC Securities led the industry with an international business revenue of CNY 6.91 billion, a growth of 13.57% year-on-year [7]. - CICC maintained its position as the top underwriter for Hong Kong IPOs, with a market share of 35% and an underwriting scale of USD 3.9 billion [4]. Group 3: Strategic Developments - Chinese securities firms are increasingly positioning Hong Kong as a strategic high ground for international business, with major firms like CICC and CITIC Securities actively hosting global investor conferences [3][11]. - The Hong Kong market is seen as a critical bridge for Chinese companies to access international capital, with a significant portion of IPOs being driven by domestic firms seeking to expand globally [2][12]. - The Hong Kong government is implementing policies to enhance the financial market environment, including simplifying the licensing process for foreign firms, which is expected to lower entry barriers for smaller securities firms [14]. Group 4: Future Outlook - The ongoing global economic integration and financial reforms in emerging markets are creating favorable conditions for the overseas expansion of Chinese securities firms [19]. - The demand for cross-border services is expected to grow as Chinese companies continue to seek international financing and as global investors look to allocate more capital to Chinese assets [19].

Core Viewpoint - The brokerage sector is experiencing a significant rally, driven by low valuations and strong performance expectations, with potential for continued upward momentum in the fourth quarter as institutional funds shift towards absolute returns [1][2][3]. Group 1: Market Performance - On September 29, the brokerage sector saw a notable surge, with the brokerage ETF (159842) rising by 5.19%, leading the market [2]. - Major brokerage stocks such as GF Securities and Huatai Securities hit the daily limit, while 49 out of 49 component stocks in the sector closed higher [2]. - The sector attracted a net inflow of 11.343 billion yuan, indicating a significant increase in trading volume compared to the previous trading day [2]. Group 2: Valuation and Performance Metrics - As of September 29, the securities index had a price-to-earnings (P/E) ratio of 19.52, which is in the 14.5% percentile over the past year, and a price-to-book (P/B) ratio of 1.52, in the 55% percentile [3]. - The brokerage sector has seen a cumulative decline of approximately 8% in September, underperforming major indices, which enhances its attractiveness for rebalancing funds [3]. Group 3: Earnings and Growth Potential - In the first half of 2025, 42 listed brokerages achieved a net profit of 104 billion yuan, a year-on-year increase of 65%, with core net profit growth of 52% [4][5]. - The second quarter alone saw a core net profit of 51.6 billion yuan, reflecting a year-on-year growth of 49% and a quarter-on-quarter increase of 21% [4]. - The brokerage sector is expected to benefit from a recovery in market conditions, with improved earnings and valuation recovery anticipated [4][5]. Group 4: Institutional Investment Trends - Institutional holdings in brokerage stocks are at a low of 0.64% as of the end of Q2 2025, indicating a significant underweight compared to the free float market capitalization of the CSI 300 [3]. - The current environment is seen as favorable for institutional investors seeking to increase exposure to the brokerage sector, driven by positive earnings expectations and low valuations [3][4].

（文章来源：21世纪经济报道） 消息面上，日前，央行会议明确指出，要落实落细适度宽松的货币政策，引导金融机构加大货币信贷投 放力度，用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资 本市场稳定。 开源证券研报指出，三季度交易活跃度和两融规模提升明显，叠加低基数，券商三季报业绩同比增速有 望进一步扩大。展望未来，投行、衍生品和公募业务等业务有望接续改善，头部券商海外业务崛起和内 生增长导向有望驱动本轮头部券商ROE扩张，板块估值仍在低位，机构仍有配置空间，继续看好券商板 块战略性配置机会，关注三季报和政策事件催化。 9月29日，A股全天震荡走强，三大指数集体上涨，沪深两市成交额连续第13个交易日突破2万亿。从板 块来看，券商概念股集体大爆发，广发证券、华泰证券、国盛金控涨停，湘财股份、东方证券、东吴证 券等纷纷走强。 ...

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

今日（9月29日），港股市场迎来强劲反弹。截至收盘，恒生指数报收于26622.88点，上涨494.86点，涨幅1.89%；恒生科技指数大涨129.14点，收盘报 6324.25点，涨幅2.08%。 资金方面，尽管港股表现强劲，但南向资金态度明显谨慎。截至收盘，南向资金累计净卖出超16亿港元。而在上周，南向资金累计净买入港股约440亿港 元。分析人士认为，尽管净卖出金额不算太多，但短期南向资金出现净卖出，可能与国庆中秋长假有关。由于A股将要休市8天，这期间港股通服务也将随 之关闭，直到10月9日A股恢复交易，港股通才会重新开启。因此，部分南向资金可能会在节前选择暂时离场，避免节日期间港股可能出现的波动。 焦点板块方面，中资券商股全线爆发。其中，华泰证券（06886.HK）、广发证券（01776.HK）、申万宏源香港（00218.HK）涨超12%，中信证券 （06030.HK）、东方证券（03958.HK）涨超11%，中州证券（01375.HK）、中国银河（06881.HK）、中金公司（03908.HK）涨超9%。 其他方面，盘面上，科网股普涨，阿里巴巴-W（09988.HK）、快手-W（01024.HK）涨超4 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 每经记者｜曾子建 每经编辑｜袁东 今日（9月29日），港股市场迎来强劲反弹。截至收盘，恒生指数报收于26622.88点，上涨494.86点，涨幅1.89%；恒生科技指数大涨129.14点，收盘报 6324.25点，涨幅2.08%。 资金方面，尽管港股表现强劲，但南向资金态度明显谨慎。截至收盘，南向资金累计净卖出超16亿港元。而在上周，南向资金累计净买入港股约440亿港 元。分析人士认为，尽管净卖出金额不算太多，但短期南向资金出现净卖出，可能与国庆中秋长假有关。由于A股将要休市8天，这期间港股通服务也将随 之关闭，直到10月9日A股恢复交易，港股通才会重新开启。因此，部分南向资金可能会在节前选择暂时离场，避免节日期间港股可能出现的波动。 焦点板块方面，中资券商股全线爆发。其中，华泰证券（06886.HK）、广发证券（01776.HK）、申万宏源香港（00218.HK）涨超12%，中信证券 （06030.HK）、东方证券（03958.HK）涨超11%，中州证券（01375.HK）、中国银河（06881.HK）、中金公司（03908.HK）涨 ...

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of 309.1 billion HKD [1] - The Hang Seng Tech Index rose by 2.08%, while the Hang Seng China Enterprises Index increased by 1.62% [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at 173.4 HKD, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for 2026-2028 from 100-108 billion RMB to 130-135 billion RMB, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, while Xiaomi (01810) and Li Auto (02015) faced declines [2] Sector Performance - Major technology stocks generally rose, with Kuaishou and Alibaba increasing over 4%, while Xiaomi fell over 2% [3] - Financial stocks surged, with Huatai Securities (06886) up 12.55% and other major brokerages also showing strong gains [3] - The non-ferrous metals sector performed well following the release of a growth plan, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) seeing significant increases [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at over 180 million kilowatts, which is expected to drive significant investment [7] - The gaming and tourism sectors are anticipated to perform well during the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Dazhong Public Utilities (01635) surged by 15.97% following news of a successful IPO application for Moole Thread, which aims to raise 8 billion RMB [9] - Lakai Pharmaceuticals (02105) rose by 11.16% after reporting positive initial results for its obesity treatment in China [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

具体来看： 大型科技股回暖助力大市上涨，阿里巴巴、快手涨超4%，京东涨超3%，腾讯、美团涨超2%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 01347 | 华虹半导体 | 72.100 | +3.850 | 5.64% | | 00241 | 阿里健康 | 6.540 | +0.330 | 5.31% | | 00981 | 中芯国际 | 76.500 | +3.550 | 4.87% | | 00268 | 金蝶国际 | 17.080 | +0.790 | 4.85% | | 00020 | 商汤-W | 2.740 | +0.120 | 4.58% | | 01024 | 快手-W | 78.900 | +3.300 | 4.37% | | 09988 | 阿里巴巴-W | 173.400 | +6.900 | 4.14% | | 06618 | 京东健康 | 66.900 | +2.400 | 3.72% | | 09618 | 京东集团-SW | 136.600 | +4.100 | 3.09% | | 096 ...

Core Viewpoint - The surge in A-share brokerage stocks, with firms like GF Securities and Huatai Securities hitting the daily limit, is attributed to a significant improvement in the sector's outlook, which had previously been suppressed [1] Group 1: Market Performance - A-share brokerage stocks continued to strengthen in the afternoon, with GF Securities and Huatai Securities both reaching the daily limit [1] - Chinese brokerage stocks in the Hong Kong market also experienced a substantial rally, with the index for these stocks rising nearly 9% at one point [1] Group 2: Sector Analysis - Analysts believe that brokerage stocks are in a period of notable improvement in sentiment, contrasting with other sectors that have entered a bubble phase [1] - The recent performance of brokerage stocks is seen as providing support to the overall market [1] Group 3: Policy and Economic Context - The National Development and Reform Commission indicated that economic operations still face challenges and will implement macro policies as needed [1] - A new policy financial tool worth 500 billion yuan will be used entirely to supplement project capital [1] - Citigroup has upgraded its rating on Chinese stocks to "overweight" [1]

券商股大爆发！ A股券商股午后持续走强，广发证券、华泰证券双双涨停，国盛金控此前封板，中信证券等大幅冲高。港股市场中资券商股亦大爆发，中资券商股指数一度大涨近 9%。那么，究竟发生了什么？ 分析人士认为，券商股是少有的景气度处于显著提升期又没有大涨过的板块，此前一直处于被压制的状态。在个别板块进入泡沫期之后，券商股此时爆发对于市场 有一定支撑作用。这可能是券商今天爆发的主要原因。 另外，关于券商"反内卷"的传闻亦不断刷屏。 值得注意的是，盘后，国家发改委表示，经济运行仍存挑战，将适时加力实施宏观政策。 新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 与此同时，花旗将中国股票评级调至"增持"。 午后大爆发 港股中资券商股午后持续拉升，华泰证券、东方证券一度涨超13%，中信证券、广发证券涨超11%，中州证券涨超10%，中金公司、中国银河涨超9%，国联民生、 申万宏源涨超8%。板块指数一度大涨近9%。 A股券商股午后亦集体爆发，证券ETF一度涨超5%。广发证券、华泰证券、国盛金控等涨停，中信证券、银河证券、东方证券、东吴证券、信达证券、东方财富、 湘财股份、长江证券等纷纷冲高。A股金融科技股震荡走高 ...